Global enzyme market to reach $3.74 billion by 2015

Worldwide demand for industrial enzymes is expected to achieve levels of US$3.74 billion by 2015.

Major influences promoting growth include new enzyme technologies attempting to improve cost effectiveness and productivity, and increasing popularity with customers of using organic compounds such as enzymes in place of petrochemical.

Other features driving demand includes increasing sales to textile makers, animal food manufacturers, detergent producers and pharmaceutical and cosmetics firms.

Stabile demand

Global market for industrial enzymes was fairly immune to the recent turmoil in the global economy and grew moderately during 2008-2009.

Demand for industrial enzymes in matured economies such as the US, Western Europe, Japan and Canada was relatively stable during the recent times, while developing economies of Asia-Pacific, Eastern Europe and Africa and Middle East regions emerged as the fastest growing markets for industrial enzymes.

According to Global Industrial Analysts, increased demand for various specialty enzymes, polymerases and nucleases coupled with the robust growth in animal feed markets are likely to steer growth in industrial enzymes market.

Biotechnology

Introduction of smaller and newer molecular drugs in the market involves a complicated and intricate process, which is likely to compel pharmaceutical companies to shift their focus on biotechnology sector, thus fuelling the demand for biotechnology and research enzymes.

However, demand for the enzymes that are used in production of ethanol on the other hand, is likely to slowdown in the near future as several countries are increasingly re-evaluating the usage of food-derived raw materials in the manufacture of ethanol.

Europe largest market

Europe represents the largest region for industrial enzymes worldwide. The United States trails Europe in terms of sales of industrial enzymes.

The US and Europe collectively command a major share of the world industrial enzymes market. On the other hand, Asia Pacific is poised to register the fastest compounded annual growth rate of more than 8.0% over the analysis period.

Growth-wise, carbohydrases market is projected to be the fastest growing product segment, with a CAGR of more than 7.0% over the analysis period.

Lipases (fat splitting enzyme) represent the other major product segment in the global industrial enzymes market with high growth potential.

Food and feed largest segment

In terms of end-use, Food and Feed represents the largest segment for industrial enzymes.

Developing regions are expected to emerge as the fastest growing consumers of industrial enzymes for food and feed applications, as increase in per capita income in these regions would continue to drive the demand for meat.

Detergents constitute the other major end-use segment for industrial enzymes. Demand for detergent enzymes, however, is likely to be affected by the fluctuating prices of raw materials and the continuous innovations by the manufacturers to cut down on the costs.

Nevertheless, a large percentage of mid-tier and low tier-detergent manufacturers are increasing the usage of enzymes in their products for offering enhanced performance.